Influencer Marketing 101: What You Need to KnowPublished On : August 29, 2019
Influencer marketing is a big part of brand marketing outreach, consumerism, and persuasion. Every single one of us opens our phones at night, in the morning, at work, and during meals to check out what our friends, family, favorite celebrities, and favorite influencers are doing. The proof is in the pudding, as Instagram is the fastest growing social media app right now with over 1 billion users and counting, filled with people sharing video, fleeting content, pictures, and live video of their everyday lives.
People who command a persuasive following over anywhere from 3,000 to 2 million followers on this app are known as influencers. They are people who can recommend brands, share insight, and provide tips that other people are going to take to heart. Influencer marketing is so topical now that this stat estimates every $1 spent on influencer marketing by a brand turns into an $18 return.
But, measuring this kind of “influence” can be a challenge.
Influencers are trying to constantly expand their viewer base. Slipping backwards in followers and engagement does not bode well for their businesses, which is why they will dabble with Facebook ads, boosted posts, new forms of contents, partnerships, and any other kind of collaboration that they believe will win them new followers.
Since followers are essentially the metric that tells a brand if a person is more popular than another person, increasing reach is the main concern of an influencer.
To measure influencer reach, brands typically consider the following data:
- The number of followers an influencer has
- The number of impressions received per post
- The engagement of interest
- The sentiment of commentary
- The number of people driven to a particular site/link promoted in the post
It’s not always easy to estimate these kinds of stats, which is why influencer marketing can be confusing for brands.
This can be perhaps the hardest metric to configure, although brands are getting smart. One way to present a finalized ROI figure is to provide an influencer with a unique discount code that they promote in their posts. You can then track how many times that code is being used to receive a finalized ROI number.
Of course, not everyone will use the code, which is why you need to potentially factor in other consumers that saw the ad, but will buy later; or people who went ahead and bought without the code because they forgot.
As you can see, for both influencers and brands, tracking critical information related to campaigns can be hard and ephemeral. That’s why we include data tools, tracking reporting, and earned media value through our unique LGBTQI+ influencer platform. Made specifically for the LGBTQI+ community that is wholly underserved in the world of influencer marketing, we’re making this partnership more lucrative for both the influencers and the influential brands in the game today.